Fortuna reports progress on its share buyback program

The news release dated January 8, 2026, details two primary operational and corporate updates. First, Fortuna has repurchased 1,700,000 common shares under its Normal Course Issuer Bid (NCIB) at an average price of $10.01 per share, totaling approximately $17.02 million. This represents a partial completion of the authorized 15.3 million share repurchase program.

Second, the company provided a project update. At the Diamba Sud Gold Project in Senegal, early works are underway, including camp construction and engineering. The Feasibility Study (FS) is targeted for Q2 2026. Crucially, the company notes that the Environmental and Social Impact Assessment (ESIA) approval is expected in Q1 2026, and an exploitation permit application must be submitted before the exploration permit expires in June 2026. At the Séguéla mine in Côte d’Ivoire, a processing plant expansion study is evaluating increasing throughput from 1.75 Mtpa to up to 2.5 Mtpa.

The impact is incremental but supportive of the company's "fortress balance sheet" narrative. - Share Repurchases: The $17 million spent in this tranche is minor relative to the $4.27 billion market cap (approx. 0.4%), but it signals management's view that the stock was undervalued at $10.00. However, the current price of $13.91 is 39% higher than the repurchase price, suggesting the buyback was timed effectively. - Diamba Sud Progress: This project is the primary growth engine. The progression from the robust October 2025 PEA ($563M NPV) toward a Feasibility Study is in line with management's "fast-track" strategy. The approval of the ESIA is a critical regulatory hurdle that remains outstanding. - Séguéla Expansion: Moving Séguéla production toward 200,000 ounces per year through plant expansion and underground mineralization from the Sunbird deposit is a significant move to offset the loss of production from the recently divested San Jose and Yaramoko mines.

Fortuna Mining Corp. (formerly Fortuna Silver) is a mid-tier precious metals producer with a footprint in Latin America and West Africa. - Flagship Project: Séguéla Mine (Côte d’Ivoire). It is the lowest-cost asset in the portfolio (AISC ~$1,153-$1,290/oz earlier in the year, though rising with royalties). - Growth Flagship: Diamba Sud (Senegal). This project is intended to replace the production lost from the divestment of the high-cost San Jose and Yaramoko mines. The PEA suggests 147k oz/year for the first three years.